Gradient Investments LLC Grows Position in Cleveland-Cliffs Inc. (NYSE:CLF)

Gradient Investments LLC boosted its holdings in Cleveland-Cliffs Inc. (NYSE:CLFGet Rating) by 55.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,179 shares of the mining company’s stock after acquiring an additional 779 shares during the quarter. Gradient Investments LLC’s holdings in Cleveland-Cliffs were worth $33,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. 180 Wealth Advisors LLC raised its position in Cleveland-Cliffs by 26.2% in the second quarter. 180 Wealth Advisors LLC now owns 21,859 shares of the mining company’s stock worth $344,000 after acquiring an additional 4,540 shares in the last quarter. State of Alaska Department of Revenue raised its position in Cleveland-Cliffs by 1.9% in the second quarter. State of Alaska Department of Revenue now owns 68,526 shares of the mining company’s stock worth $1,053,000 after acquiring an additional 1,260 shares in the last quarter. Redpoint Investment Management Pty Ltd purchased a new position in Cleveland-Cliffs in the second quarter worth $198,000. DnB Asset Management AS purchased a new position in Cleveland-Cliffs in the second quarter worth $1,708,000. Finally, Foundations Investment Advisors LLC purchased a new position in shares of Cleveland-Cliffs in the second quarter valued at $1,088,000. Hedge funds and other institutional investors own 61.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. The Goldman Sachs Group dropped their price objective on Cleveland-Cliffs from $26.00 to $24.00 in a research report on Tuesday, July 12th. B. Riley decreased their price target on Cleveland-Cliffs from $47.00 to $39.00 and set a “buy” rating on the stock in a research note on Wednesday, July 6th. Morgan Stanley reduced their price objective on Cleveland-Cliffs from $16.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Monday, July 25th. Clarkson Capital reaffirmed a “buy” rating on shares of Cleveland-Cliffs in a research note on Tuesday, June 14th. Finally, Citigroup boosted their price target on Cleveland-Cliffs to $20.00 in a research report on Tuesday, September 13th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.07.

Insider Activity at Cleveland-Cliffs

In other news, CFO Celso L. Goncalves, Jr. purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were bought at an average price of $19.36 per share, with a total value of $96,800.00. Following the completion of the transaction, the chief financial officer now directly owns 148,285 shares in the company, valued at approximately $2,870,797.60. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.43% of the company’s stock.

Cleveland-Cliffs Stock Performance

NYSE:CLF opened at $14.28 on Thursday. Cleveland-Cliffs Inc. has a twelve month low of $14.26 and a twelve month high of $34.04. The company has a current ratio of 2.20, a quick ratio of 0.75 and a debt-to-equity ratio of 0.67. The company has a 50-day moving average of $17.27 and a 200-day moving average of $21.69. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 2.15 and a beta of 2.23.

Cleveland-Cliffs (NYSE:CLFGet Rating) last announced its earnings results on Friday, July 22nd. The mining company reported $1.13 EPS for the quarter, missing the consensus estimate of $1.40 by ($0.27). The firm had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.13 billion. Cleveland-Cliffs had a return on equity of 64.45% and a net margin of 15.07%. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. Analysts forecast that Cleveland-Cliffs Inc. will post 4.74 earnings per share for the current fiscal year.

Cleveland-Cliffs Company Profile

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Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.

Further Reading

Institutional Ownership by Quarter for Cleveland-Cliffs (NYSE:CLF)

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